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NEW QUESTION # 32
Which statement is true about setting up NetSuite budgets?
- A. Budgets must be created manually in the NetSuite user interface.
- B. Copying budgets is not recommended.
- C. Budgets can be created for multiple criteria, but only one per parameter.
- D. Budgets can be imported into NetSuite using CSV.
Answer: D
NEW QUESTION # 33
Which three statements are true about using Parent Accounts in NetSuite? (Choose Three)
- A. Checking the Summary box allows the posting of reversing journal entries to this account.
- B. Parent accounts can be posting or non-posting.Child accounts are created by setting the "Subaccount of" field
- C. Child accounts are created by setting the "Subaccount of" field
- D. Parent accounts are created by setting the "Parent of" field
- E. Checking the Summary box on the account record prevents anyone from posting activity to the account
Answer: B,E
NEW QUESTION # 34
Which statement is true about inter-company journal entries?
- A. Minimum of four lines
- B. balance within each subsidiary, they need not balance between subsidiaries
- C. maximum of six lines
- D. used to log intercompany eliminations
Answer: B
NEW QUESTION # 35
Bank accounts interact with subsidiaries?
- A. can be linked with any number of subsidiaries in parent: child relationship
- B. Must be linked with 1 subsidiary
- C. can be linked up to 2 subsidiaries
- D. can be linked with no limit to multiple subsidiary
Answer: B
NEW QUESTION # 36
How must a Bank Account be denominated when using the multi-currency feature?
- A. It may be denominated in any one currency.
- B. It may be denominated in multiple currencies.
- C. It must be denominated in the Base Currency of the Root Subsidiary
- D. It must be denominated in the Base Currency of the subsidiary.
Answer: A
NEW QUESTION # 37
Which statement is true about the Period Close Checklist?
- A. Customer-specific steps can be added.
- B. Tasks may be completed in any order.
- C. This is required for Year-End Close.
- D. Tasks displayed depend upon features enabled.
Answer: D
NEW QUESTION # 38
What account is used when you want to accumulate all customer payments to make a consolidated deposit at the end of a given day?
Undeposited accounts
Which statement is true about Customer Deposits?
- A. Customer Deposits can be linked to an unapproved Sales Order.
- B. Customer Deposits are recorded as a liability.
- C. Customer Deposits post to Accounts Receivable.
- D. Customer Deposits must be created from a Sales Order.
Answer: B
NEW QUESTION # 39
What is an example of a subsidiary?
- A. A warehouse
- B. A clearing account
- C. A wholly owned company
- D. The direct sales division
Answer: C
NEW QUESTION # 40
Which expense allocation use case requires the use of statistical accounts
- A. Division of recruiting based on headcount
- B. Static division of rent based on location
- C. Even 50/50 split of receptionist salary based on department
- D. Predefined split of marketing costs among sales channels
Answer: A
NEW QUESTION # 41
Which two settings are needed for billable items to appear on the customer invoice? (Choose 2)
- A. Memo
- B. Invoice Number
- C. Customer
- D. Billable Checkbox
Answer: C,D
NEW QUESTION # 42
What are two considerations for managing multiple fiscal calendars? (Choose 2)
- A. Periods are shared across fiscal calendars
- B. A fiscal calendar can be used by multiple subsidiaries
- C. a subsidiary can have multiple fiscal calendars without multi-book
- D. Periods are created separately for each fiscal calendar
Answer: A,B
NEW QUESTION # 43
On which financial statement are invoices summarized?
- A. Balance sheet
- B. AP Aging
- C. Income Statement
- D. GL
Answer: A
NEW QUESTION # 44
Characteristics of purchase order in NetSuite?
- A. a purchase requisition is required before creating a purchase order
- B. purchase in the currency the of the vendor's primary subsidiary
- C. purchase orders have no accounting/GL impact
- D. purchase order must be in the primary currency of the vendor
Answer: C
NEW QUESTION # 45
Which expense allocation use case requires the use of statistical accounts?
- A. Division of recruiting based upon headcount
- B. predefined split of marketing costs among sales channels
- C. static division of rent-based location
- D. even 50/50 split of receptionist salary based on department
Answer: A
NEW QUESTION # 46
Which statement is true about re-opening closed periods?
- A. The period close checklist is only required the first time you close a period
- B. Only administrator can re-open closed periods
- C. If only one period is re-opened, no other periods are affected
- D. A justification must be entered to re-open a closed period
Answer: D
NEW QUESTION # 47
Which two transactions containing inventory items will post to COGS? (Choose two)
- A. Standalone invoices
- B. Item Fulfillment
- C. Item Return
- D. Invoices created from Sales Orders
Answer: A,B
NEW QUESTION # 48
Where can invoices that have already been generated be seen from the sales order screen?
- A. Next to each line item
- B. Under the billing tab, on the billing schedule
- C. Under related records
- D. Click the bill remaining button
Answer: C
NEW QUESTION # 49
What is true about approving Journal Entries?
- A. The posting period is based upon the journal entry creation date, rather than the approval date
- B. Journal Entries post to the general ledger while pending approval
- C. Approving Journal Entries requires a separate permission from Creating Journal Entries
- D. Approve Journals permission allows you to see all journals in all subsidiaries
Answer: C
NEW QUESTION # 50
What is the simplest way to post interest accrued while using the Reconcile Bank Statement page?
- A. Post a Journal Entry
- B. Use the New Charges subtab
- C. Use the New Deposits subtab
- D. Post a Write Check transaction
Answer: C
NEW QUESTION # 51
What are two considerations for managing multiple fiscal calendars? Choose two
- A. Periods are shared across fiscal calendars.
- B. A fiscal calendar can be used by multiple subsidiaries
- C. A subsidiary can have multiple fiscal calendars without multi-Book
- D. Periods are created separately for each fiscal calendar
Answer: A,B
NEW QUESTION # 52
Which two criteria can be used to define a custom section in a custom financial statement? (Choose two)
- A. Account Balance
- B. Date of Account Created
- C. Name of Account
- D. Department
Answer: C,D
NEW QUESTION # 53
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